GM stock traded at 41.39 (+0.77) (+1.90%) as of 12:37PM on Thursday.
General Motors (NYSE:GM) intends to invest $491 million at its metal stamping facility in Marion, Indiana to support the manufacturing of electric vehicles. This was reported by Reuters on Thursday.
The American automaker intends to set up the factory to create stamped steel and aluminum parts for upcoming products, including electric vehicles (EVs), made at various GM assembly plants. The money invested will be utilized to replace and renovate press and die equipment, create an extra 6,000 square feet of space, and buy and install two new press lines. At 12 oclock ET, GM shares were up 2%.
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With the investment that was revealed on Thursday, two new press lines will be purchased and installed, press and die modifications will be finished, renovations will be made, and a 6,000-square-foot expansion will be built with the investment that was revealed. Within the next four months, construction on the facility will begin. About 750 people are employed by GM at the facility, and the carmaker stated in a statement that employment is projected to stay constant with the addition of this new activity.
According to Gerald Johnson, GM executive vice president of Global Manufacturing and Sustainability, although this investment prepares the facility for an all-electric future, its truly an investment in our talented Marion team and will keep the plant operating for many years to come.
Optimism in GM stock in lieu of new developments
The carmaker plans to involve all present employees in its transition to exclusively selling all-electric vehicles by 2035, according to GM CEO Mary Barra, who previously stated this intention. In the following three years, GM will release 30 new electric vehicles. By the end of 2025, GM has stated that it plans to produce 1 million electric vehicles in North America. Currently, it produces the 2023 GMC Hummer EV at Factory Zero, the facility that sits on the border of Hamtramck and Detroit, and the 2023 Chevrolet Bolt and Bolt EUV at Orion Assembly in Orion Township. Future deliveries of EVs, such as the Silverado EV pickup scheduled for 2024, will be made to both plants.
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Author: Jowi Kwasu
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